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Nirav Modi, one of the key accused in the Punjab National Bank fraud case, was recently tracked by UK’s Telegraph newspaper in London.

Nirav Modi, the fugitive Indian jeweller who is the main accused in the multi-crore Punjab National bank fraud case, was arrested in London on Wednesday. His bail plea was turned down by the London court and he was sent to Metropolitan police custody till March 29.

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District Judge Marie Mallon denied bail to Modi, saying there were substantial grounds to believe that he would fail to surrender if granted bail. His arrest came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate for his extradition in a money laundering case.

As the news of his arrest spread, Indians cheered and many shared hilarious jokes and memes online to mark the occasion. While some shared relevant filmy memes to capture the mood of the PNB employees, others wondered what the arrest could mean to Vijay Mallya, another fugitive businessman in bank fraud. Although Mallya was arrested for defaulting bank loans in India, he was quickly granted bail by the UK court.

Modi is accused of syphoning Rs 13,500 crore from the Punjab National Bank through fraudulent letters of undertaking and letters of credit in connivance with his uncle Mehul Choksi and bank officials at PNB’s Brady House branch in Mumbai.

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While the request by the Indian government to help with the arrest of Modi was first issued last year, he remained to be at large for a very long time. The arrest comes after days, British news organisation Telegraph tracked down the diamond merchant near his rented Oxford Street apartment.

Meanwhile, a Mumbai Court has issued a non-bailable warrant against Modi’s wife, Amy Modi. The court has also allowed the sale of 11 vehicles belonging to Modi after an application from the Enforcement Directorate. The vehicles include a Rolls Royce, Porsche, Mercedes and Toyota Fortuner.